Inject Extra Cash Into Your Business This Season — Based on Tactics I've Actually Tried

Happy October, darling Reader. Though, I'm not quite sure the South African weather has gotten the memo. Don't worry, I'm not here to trifle on about how it's snowing in the middle of Spring. No, it's the start of quarter four, we don't have time to worry about such things (unless you're actually affected by the strange seasonal changes, in which case hugs).

Today, we're talking about how to get some extra cash into your business account this quarter. Specifically, I'm letting you in on a little hack I implemented with a heavy heart. Yes, I'm talking about taking a long hard look at your business finances and cutting some darlings out of the budget.

(It still hurts).

Do You Have a Business or a Job that Pays You in the Form of Happiness?

Reader, we didn't leave the security of our full-time jobs with medical benefits and pension funds to become slaves to our own businesses. We took the leap because we wanted more freedom, flexibility, and control over our work lives. We yearned for a fulfilling, purpose-filled life where we could do what we love on our terms from wherever we choose.

I took this wellness assessment on a client's app ( WELLSAPP if you're interested). It analyses your life in four major areas and gives you a score. For some reason, some questions in the Purpose category caught me off-guard.

Let's see how you do. Give yourself a score from 1 to 10 for each question:

• Are you the right fit for your chosen profession?
• How solid are your relationships with coworkers, clients, or your professional network?
• Do you consistently deliver against expectations and KPIs?
• Are there opportunities for growth or promotion within your business or employment?
• Does your work hold meaning and provide value or fulfilment for you and others?
• How well do you react to change?
• If you have your own business, does this provide a comfortable standard of living?
• Does your compensation align with the work you do and your performance?

Now add up all your scores. How'd you do?

Turns out, there's a lot more to living your purpose than the warm fuzzy feelings you get from doing work that aligns with your values.

Your relationships with clients and peers. When things get tough, can you reach out to people in your network, other business owners who have been in your shoes and can offer valuable advice? Can you rely on your team to support and collaborate with you? These relationships are crucial for success, both personally and professionally.

Are you actually meeting your adult responsibilities and paying yourself? I love what I do. I wouldn't trade it for the world. Still as passionate as we are about the work, if the revenue you generate is going all into business expenses, and you're not taking care of your needs or your family financially, then somewhere something's broken.

Phyllis Williams-Strawder says it so beautifully, “Even though we want to have impact, even though we want to be charitable, you can't be charitable broke.”

"My personal brand impacts my personal life. So, I have to generate the revenue so I can pay myself at a certain level to be able that life." - Phyllis Williams-Strawder

So, How Do You Earn More Revenue This Quarter

Let me just say I'm not a financial advisor or accountant, and I'm simply sharing things I've learned through books, the internet, and life.

First things first, figure out how much you as a human being with your basic needs and responsibilities would need to make in a month to cover your expenses.

Next, calculate your business expenses. List yourself as the first business expense, then include taxes, rent, software, contractors, memberships, etc. Once you have both numbers, add them together and divide by 20. This will give you the minimum amount of revenue you need to generate per day to cover your expenses and make a profit.

How close are you to that number? Are you already hitting it or falling short? If you're falling short, why? Is it because your prices are too low? Are you not getting enough clients? Are your expenses too high? Take a hard look at your business and see where improvements can be made.

Cutting Back on Tools, Software, or Subscriptions

On his show The Financial Audit, Caleb Hammer makes his guests cut all unnecessary spending. So, as I created a budget for October, I evaluated my business expenses, asking if I really needed everything I was paying for.

For instance, I love ClickUp . It is the best time management app I've ever come across. It does everything I want short of scheduling appointments, but because I use it so much, what started as a free resource is now one pricing tier away from enterprise level. That's insane for a one-person operation! So, as much as it pained me, I cancelled my subscription and looked for alternatives with unlimited everything plus a time tracking. Sadly, it took two freemium apps to replace ClickUp, but it's still cheaper given my usage.

I know how tempting it is to go for all the fancy, premium tools and services out there. But when you're running a business, every expense counts. So,

• Shop around.
• Opt for all-in-one solutions. For example, my email subscription used to include Microsoft 365, so I used Bookings and Teams instead of an external scheduling platform or video conferencing. It's not the most convenient setup, I was paying for it anyway. When I eventually used Google's ecosystem more than Microsoft 365, I simply decreased my email subscription. Why pay for things you're not using?
• Take advantage of annual discounts or cancellation deals. Many apps and services offer discounts if you pay for a year upfront, or offer existing users a deal if they are considering cancelling. I kid you not, I was seriously about to cancel my subscription to a tool I use all the time because it was just getting too expensive. And just as I clicked what I thought was the final “Cancel Anyway” button, they offered me 75% off my subscription for an entire year. It pays to do your research and keep an eye out for these deals.

"A budget is a raise you give yourself" — Superstore

Increasing Your Lead Gen Efforts

Another way to increase your revenue is to focus on lead generation. By bringing in more potential customers, you increase your chances of making sales and growing your business.

Here are a few tricks that have helped me increase sales in the past:

Contact Old Prospects.

A no once, isn't a no forever. Reach out to old leads and see if their needs have changed or if they are now ready to make a purchase. This tactic can be especially helpful if you partner it with a sale or promotion.

How I Turned Nothing into Sales with One Idea

Case in point, years ago, probably 2021-ish. I was promoting my 1-on-1 Content Strategy Roadmap among other content writing services, and things weren't going well. So, as I looked through my spreadsheet of yesses and no's (uhm commonly referred to as a sales pipeline or CRM), I realized there were two prospects who seemed really interested in the 1-on-1 Content Strategy Roadmap, but it was too expensive for them.

It got me thinking, what if I emailed them with a limited time offer, promotional price. I sent out the same email to both, one said yes and booked a session within a few days. Then, since I told them I was having a sale, I announced it on my Instagram as well and boosted one of the posts to a very well targeted audience. I got one DM from someone saying they loved how the ad spoke directly to them and wanted to know how much it would cost. I gave the normal price, adding a caveat that I was doing a promotion for that month. He booked a session. And because he found so much value out of the 1-on-1 intensive, he referred someone to me who paid immediately (because promo) but wanted a future session.

A month of nothing turned into cash in my bank account, and it taught me a valuable lesson about my 1-on-1 Content Strategy Roadmap workshop:

• I'd finally found a market fit where my price matched my Instagram audience's pockets
• I didn't want to do the workshop for that price.

I don't use this tactic any more, mostly because I'm in an okay space. But if things get rough, I have a few proven tricks up my sleeve.

If you're thinking this feels icky and salesy, I felt the same way, which is why I announced the sale and kept the offer at the sale price for everyone that month. If you're trying to scam people or sell them a sucky service, then, yeah, that's icky. But if these are people who could genuinely use your help, and you are genuinely deciding to have a promotional or sales period that you offer for that entire period, then that's totally different.

Black Friday and Cyber Monday are coming up and those are the biggest shopping days of the year. As a solopreneur, why not reach out to past clients and old prospects — people who have shown a genuine interest in your services — and create your own pay now use later special. Or think of another way you could package your services in a way that makes it a win-win for both you and your clients.

“People's Opinions Don't Pay Your Bills” — Jasmine Star

Finally, a lesson that changed my mindset as a freelancer, solopreneur, whatever I choose to call myself. It's not your clients' responsibility to pay your bills. Should people pay invoices on time, yes. Should they recognize the value in your work and compensate you accordingly, absolutely? But ultimately, it's up to you to create a sustainable business model that allows you to thrive.

It's up to you to make sure there's revenue coming in, enough revenue to support your lifestyle and goals. And sometimes, that might mean getting a part-time job or sacrificing your ego or fear of failure. Taking some creative risks to make sure you're having those calls every month, tracking the results, and looking to see where the cracks are. Where you need to level up.

It's on us to figure it out. That's the dream-baby.

I hope this helps and if you want to bounce an idea around, my DMs are open.